2017 (3) TMI 316

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... r. w. s. 147 of the Act, on 26/12/2011, determining its income at Rs. 87. 10 lakhs. 2. Effective ground of appeal is about deleting the addition in respect of custom formality and custom expenses. During the assessment proceedings, the AO found that an action under section 133A was conducted at the office premises of the assessee on 07/03/2011, that it had debited a sum of Rs. 10. 14 lakhs under the head custom formality of, that as custom expenses it had claimed expenditure of Rs. 32. 45 lakhs, that the expenses were not supported by documentary evidences, that the director of the company, in his statement, had admitted that there were no supporting bills and vouchers except the self made voucher of his employees to support the expense....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....curred for business purposes or that same were bogus or non-genuine transactions, that the director had confirmed that the payments were required to be incurred as business expediency for which no bills could be obtained, that the issue was to be decided not merely on the strength of the statement recorded during the course of survey only, that considering the nature of business of the assessee the necessity for such expenses could not be denied, that it had submitted documents that prove that to some extent those expenses were also recovered from the customers, that the recoveries were duly reflected in the income is offered for taxation, that when the income returns by the assessee form the business of clearing and forwarding had been acc....